And Once Again, German, French Discord Threatens To Scuttle European Bailout Reports AP

All it took to unwind two weeks of rumors and lies were a few factual articles. Such as this one from the AP: "Disagreement between France and Germany may prevent eurozone leaders from reaching a crucial deal on a second rescue package for Greece this weekend, a person familiar with the negotiations said Tuesday....Investors around the world hope a comprehensive plan to fight the debt crisis, including final details on Greece's second bailout, will keep the debt turmoil from pushing the global economy back into recession. Signs that such a plan is proving slower to clinch caused markets to slide on Tuesday. Germany is pushing for banks to accept cuts of 50 percent to 60 percent in the value of their Greek bonds, while France is insisting that leaders should only make technical revisions to a preliminary agreement reached with private investors in July, the person said. France on the other hand has been reluctant to back bigger losses for banks, since French banks are among the biggest holders of Greek government bonds. Its position is supported by the European Commission, the EU's executive. Commission officials said last week that technical revisions to the July deal with the banks are necessary because changed market conditions had made the deal more expensive for Greece and the rest of the eurozone." And so on. Are we the only ones dazed, confused, and tired beyond comprehension with this endless, ridiculous, pathetic, grovelling Groundhog Day bullshit? Stop risking civil and international war just to satisfy your bureaucratic vanity. THERE IS NO MONEY! YOU KNOW IT, WE KNOW IT, THE PEOPLE KNOW IT. ENOUGH!!!

JUST LET GREECE DEFAULT ALREADY AND LET THE CHIPS FALL WHERE THEY MAY!

"The man has only one look for Christ's sake! Blue Steel, Ferrari, Latigra? They're the same face! Doesn't anyone notice this?! I feel like I'm taking crazy pills. I invented the piano key necktie. I invented it! What have you done, Derek? Nothing!"

The despair evidnet in Tyler's words here have absolutely made my day since they so closely reflect the despair I feel. So very very very tedious, and I don't know for how much longer I can read the same chicken shit wrapped up as a different flavoured chicken salad.

I think the hardest thing for me has been watching the slo-mo trainwreck and trying to pretend it doesn't matter around friends and family who don't believe anything is wrong, and are probably sick of me talking about how close we are to the edge...I need to schedule a meeting with Cognitive Dissonance. Anyone seen him?

It's only words. The Eurocrats are trying to get them right. Once they get the right words in the correct order, all these problems will just disapear. And the world will be safe for the spead of socialism, economic justice, livable wages, tooth fairies, ect, ect.. You get the drift. :)

The top U.S. derivatives regulator is slated to vote today whether to curb trading in oil, wheat, gold and other commodities after a boom in raw-materials speculation, record-high prices and years of debate and delay.

Well I hope they do something. Ties into what I looked at when the volume of commodity contracts traded went up by a factor of ten starting in July this year. Bloomberg has some old data. The total cntracts traded in the past few weeks in corn are higher than the total for all other commodity contracts combined in April.

I have a hard time believing there are 225k individual buyers of corn contracts in one day.

Banks should accept a 100% on their Greek bonds and that's that. We all know Greece is a hopeless deadbeat, unless there is some ulterior political/foreign policy motive here, there is no point in beating this dead horse.

Sounds harsh, but really the current system is diseased and incurable. At this point, only collapse followed by reconstruction will purge the accumulated detritus of a century of fractional reserve, central bank based monetary ponzi fraud.

There is no way this ends without monetization if default is to be avoided.
French downgrade would put the entire EZ banking system at risk, even Germany doesn't have the resources to stand behind the combined French and German banking systems credibly without the ecb guaranteeing bond purchases.

Sarkozy and Merkel talk greek to each other. One is Spartan, the other is Athenian. No wonder they are mistaking Troy for Byzantium. Maybe they need Bernanke as translator. You know the 'print, damn it print! And to hell with the rest.' guy.

When you don't have money you have to pull it out of someone else's ear. Chinese one eared men will be very much in fashion. "I sold my ear for a tranche of EFSF and got myself a stake on Mykonos beach'. The way to go if you are deaf and dumb. Like most of us. I'll send them my ear for a piece of Venus de Milo.

" Are we the only ones dazed, confused, and tired beyond comprehension with this endless, ridiculous, pathetic, grovelling Groundhog Day bullshit? Stop risking civil and international war just to satisfy your bureaucratic vanity. THERE IS NO MONEY! YOU KNOW IT, WE KNOW IT, THE PEOPLE KNOW IT. ENOUGH!!! "

Did you really think that he was talking about Greece attacking some other country regarding the "international war" warning, or did you actually think that you were being witty with your remark? Also, are you under the idea that a civil war would only take place within the Greek society? If so you should try visiting a news site.

Based on the Skinner's rat analogy, I see no reason to expect any change in behaviour from the ECB Keystone Kops. There is still no negative feedback to retard the continuation of this ADHD reflex to calming the market.

I'm still waiting for the glass jaw knockout punch that alerts the world that the pantomime is over and we're ready to unveil the real price and value of assets. Perhaps this moment will never come and we'll just follow the Japanese banks slowly burrowing their own graves.

Sorry about this being a bit off topic. Maybe a Tyler can answer or someone else on here. I was wondering about the government pension funds that were needed to keep the government running from , what was it, the end of June to the date they made the deal in August, were the funds ever replaced ? And also i remember back in 08 i read every word on Nouriel Roubinis site, there was something about how savings and retirement plans were made available as assets for the banks to improve their balance sheets, and also, how does this tie into making the ex brokerage firms into banks, did all their investments become assets ?If this is true, does that mean they can be looted ?

This is reposted from here, but may be interesting, as I currency pairs, groups will long term tell a lot what is going to happen in this unipolar world when its major reserve currency collapses in 2016 ( after the other, EUR, will start collapsing already in early 2012 but French and German and some other strong Northern countries start to clean Eurozone up):

I have considered GBP/USD - but not in too great detail- can someone present me with the most advanced financial charting and analysis soft

From what I have considered, it seems (but I have to check, too many charts, I also want to be able to study ratios (not only forex-any) charts of even triple ratio charts or triple surface charts (1 price as function of 2 others) with movable/stretchable time scales, log-log plots etc) that after Eurozone final cleanup in 2013, from 2014 GPB will be pegged to the USD in rather narrow 0,71 GPB per USD +-2% corridor. in 2016, with USA default, GBP will obvioulsy move up into 0,5 GPB per GPB within 2 years. Before 2014, GPB will be also stable to USD at 0,62 GPB per USD, but inflationary pressures will mount.

Also, relatively stable vs. USD during 2014 will be CHF and especially CAD. JPY may even grow from 2013 vs, USD. The big sufferer in USD index is EUR.

One more interesting thing ( I have not been able to make any meaningful assessment of Yuan) is that one currency that will appreciate against USD starting already from 2014 will be PLN, and perhaps, CZK. What it tells, is, that not only these countries have developed good industrial base in post soviet years, but also, that GERMAN economic machine will be running full speed after 2013 German federal elections (between 1 September and 27 October 2013) adn expose confidence that it will continue running . From the chart I had published earlier elsewhere:

One can see that something happens during early 2013 and than especially in end of 2013 when EUR temporarily takes back lost ground to USD. One of the possible reasons is that French elections in 2012 gives hope, while German in end of 2013 seals EUROZONE cleanup act in what ever form. After that , from UDS per EUR graph its clear, that, either as usual , promises are not kept or new factors arise that makes impossible for them to be kept ( and forces US to peg to USD to stoke inflation).

Such ideas about GBP, etc. I will come with more graphs as soon I am able to make them( takes DAYS of working itme/chart)

Just like they like to sell students on loans that can't be repaid based on hope for a good paying job, etc. and how they like to sell homebuyers on the biggest possible house their financial circumstances will allow, based on the hope/false belief that home prices will only every continue to go up, and how they generally want conumsers, representing 70% of the economy to continue to max credit cards & HLOC to overspend on stuff they don't need/can't use....

selling hope to people is the only thing these con men know how to do & it has made them rich & secure beyond measure...and they will keep stringing it along as long as it works...until it doesn't.

when they exhaust people of "confidence", get ready for collapse, depression and the revenge of the idiots you referred to earlier.